MphasiS races past USD 1 billion mark in FY 2010

MphasiS, a leading IT and BPO services company, today announced financial results for the fourth quarter and full-year ended 31 October 2010. MphasiS’ consolidated revenue for the year ended 31 October 2010 was USD 1,099.3 million, crossing the $1 billion mark for the first time.

This year’s results grew 25.8% over last year’s results of USD 874.2 million. During the year, net profit increased by 27.8% from USD 186.2 million to USD 238.1 million. The company’s operating profit during the year ended 31 October 2010 was USD 240.3 million, a growth of 26.7% in comparison to the previous year. Operating margins for the year was 21.9%. EPS for the year was USD 1.13, an increase of 27.4% in comparison to the previous year.

The Board of Directors has recommended a 40% dividend for the year 2009-10.

For the quarter ended 31 October 2010, the Group recorded revenues of USD 296.2 million, a growth of 25.6% compared to the corresponding period last year. During the same period, net profit increased by 22.6% from USD 51.0 million to USD 62.5 million.

The Group recorded a consolidated net profit growth of 7.0% over the quarter ending 31 July 2010. Revenues for the same period grew by 7.5%.

“This has been an important year for us. Having crossed the USD 1 billion revenue mark, MphasiS is now part of the club of Indian IT Companies who have reached this important milestone” said Ganesh Ayyar, Chief Executive Officer of MphasiS. “We are now preparing for our next phase of growth, with opportunities of a large company and yet retaining the soul and smile of a small company. Flexibility and customer centricity has always been an MphasiS hallmark and we intend to further intensify our customer focus” he added.

During the quarter ended 31 October 2010, MphasiS added 22 new clients.  It includes a Bank, a large Health care provider and clients from the manufacturing vertical.

The Group also added net headcount of 5,330 during the year making the headcount 39,962 as at 31 October 2010.

Cash and bank balances including short-term investments in liquid mutual funds stood at USD 368.9 million as of 31 October 2010.